Taiwan is ranked 15th in a report on global competitiveness just released by the World Economic Forum. That’s one spot lower than last year.
The report ranks the competitiveness of world economies according to twelve criteria or “pillars”.
Taiwan progressed the most in macroeconomic environment, moving up ten places to 13th in the rankings. Taiwan also rose 10 spots in labor market efficiency. That was due to a greater portion of women working and tax incentives. But Taiwan did not do as well in supply of scientists and engineers and overseas marketing channels.
On Wednesday, National Development Council Minister Woody Duh explained some of the reasons for Taiwan’s forward movement in some of the rankings.
"We’ve progressed a lot in our financial soundness over the past few years. Even though the government budget sent to the legislature increased in 2016, there have been positive changes in the debt ratio, cash flow and savings," said Duh. "Though we’ve enlarged the pie, there have been changes to its structure. That’s been the result of our financial planning."
Duh said the government is working on attracting and retaining international talent in Taiwan and training scientists and engineers.